Original Thinking
Nobel Prize winners like Ronald Coase and Joseph E. Stiglitz have acknowledged the contribution by Cheung in their respective Nobel lectures. While referring to Cheung's "brilliant, valiant attempt" to prove that sharecropping does not matter to the incentives of the workers, Stiglitz credited Cheung's "unreasonable assumptions, especially concerning information" for motivating him to develop the alternative theory.
Steven Cheung is highly respected for his deep devotion to his research. In order to understand real life phenomena, he personally endeavored in numerous economic activities, such as cultivating fish farms, selling citruses, inspecting the petroleum industry, and haggling over the price of antiques. He has criticized the isolation of most economists from real life problems.
Read more about this topic: Steven N. S. Cheung
Famous quotes containing the words original and/or thinking:
“The real antichrist is he who turns the wine of an original idea into the water of mediocrity.”
—Eric Hoffer (1902–1983)
“Humanism was not wrong in thinking that truth, beauty, liberty, and equality are of infinite value, but in thinking that man can get them for himself without grace.”
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